ND: Contracts and North Dakota
Legislative Updates - Final Exam And
Correct Detailed Answers (2025-2026)
Which of the following describes an account where North Dakota trust funds may be deposited?
- Answer Trust funds may only be deposited in a trust or escrow account designated solely for
trust funds.
Conditions that must be met before a sales contract is enforceable are called ________. -
Answer Contingencies
Which of the following actions is the best choice for a broker to take to reduce the risk of
affiliates creating implied agency relationships? - Answer Secure an agency agreement in
writing before performing any licensed activities.
Lenny's client wants to terminate their listing agreement early. When determining a course of
action, what should Lenny do? - Answer Consider his long-term business strategy
Rigoberto writes an offer to buy Saria's house. He signs the contract and gives it and a personal
check for the earnest money to his real estate agent. The agent sends the contract to the seller's
agent and has the designated broker deposit the earnest money. Is this a valid contract? -
Answer No, because there's been no acceptance.
On Monday, North Dakota salesperson Tim received an earnest money check from his client,
which he gave to his broker, Beth. When must Beth deposit the funds into the brokerage's trust
account? - Answer Tuesday
Jonah is coerced into entering into a contract after being threatened by the buyer. What is this
an example of? - Answer Duress
Your client, Seller Skylar, decides to change the listing price on her property from $260,000 to
$254,900. What would you use to note the new price (and the date of that change to the
contract)? - Answer A contract amendment
If a buyer makes an offer that the seller agrees to, what is it that makes this contract valid? -
Answer Acceptance
Legislative Updates - Final Exam And
Correct Detailed Answers (2025-2026)
Which of the following describes an account where North Dakota trust funds may be deposited?
- Answer Trust funds may only be deposited in a trust or escrow account designated solely for
trust funds.
Conditions that must be met before a sales contract is enforceable are called ________. -
Answer Contingencies
Which of the following actions is the best choice for a broker to take to reduce the risk of
affiliates creating implied agency relationships? - Answer Secure an agency agreement in
writing before performing any licensed activities.
Lenny's client wants to terminate their listing agreement early. When determining a course of
action, what should Lenny do? - Answer Consider his long-term business strategy
Rigoberto writes an offer to buy Saria's house. He signs the contract and gives it and a personal
check for the earnest money to his real estate agent. The agent sends the contract to the seller's
agent and has the designated broker deposit the earnest money. Is this a valid contract? -
Answer No, because there's been no acceptance.
On Monday, North Dakota salesperson Tim received an earnest money check from his client,
which he gave to his broker, Beth. When must Beth deposit the funds into the brokerage's trust
account? - Answer Tuesday
Jonah is coerced into entering into a contract after being threatened by the buyer. What is this
an example of? - Answer Duress
Your client, Seller Skylar, decides to change the listing price on her property from $260,000 to
$254,900. What would you use to note the new price (and the date of that change to the
contract)? - Answer A contract amendment
If a buyer makes an offer that the seller agrees to, what is it that makes this contract valid? -
Answer Acceptance
